The dynamic landscape of family businesses worldwide is seeing a growing acceptance of women leaders at the helm. As societies evolve and perceptions change, the once-prevailing norms are giving way to a more inclusive and diverse leadership paradigm, with women playing increasingly pivotal roles in steering family businesses towards success.
We asked our Global Family Business Think Tank Panel if they thought that we would see more family business leaders in the next few years.
The results:
Will We See More Women Family Business Leaders In Next Few Years?
Yes - 13%
No - 74%
Don't Know - 13%
Our panel were universally in agreement that the future of family business management and leadership is changing and that we will undoubtedly see more women family business leaders in the next few years.
THE THOUGHTS OF OUR ‘THINK TANK’ REPRESENTATIVES:
“We will and do need to see more and more women gain greater confidence and speak up about their desires to take on leadership roles in their businesses. They have the talent and the skills that are essential to help balance family and business dynamics.”
Jean Santos President, Business Consulting Resources
“In South Africa, especially among family farmers, daughters are not empowered to the extent that the firstborn sons are empowered as successors.”
Andre Diederichs CEO, Family Business Association of South Africa
“Despite years of work changing attitudes, things are still not changing fast enough and it still seems more likely that women become successful in spite of everything that is set against them. It seems to me that a sea change in attitudes is still needed to bring more of the talent to the family board that is evident in women successors. Strategies that recognise the specific challenges of women in business are needed to make the environment more even.”
Nick Mayhew Managing Director, Alembic Strategy
“Overall women will more widely take on leadership positions in the coming years. It would be silly to ignore half of the next generation of family leadership potential and for sure, a much higher degree of female leadership will result from the rapid reduction of bias and prejudice.”
Jasper Brinkerink Lecturer in Entrepreneurship & Innovation, University of Edinburgh
“There is a growing body of research supporting the female rising generation taking more of an active role in family succession and influencing the generation strategy of family enterprises. Since the 1990’s we have seen a rise in education equality, recognition within the family leadership structure and commitment to the longevity of the family enterprise across the globe.”
Richard Boyce Executive Director, BOYCE Family Office
“As researchers like Eddleston and Sabil (1999) have noted, women are becoming more visible in family firms. Women will continue to ascend to more leadership roles in both family and non-family organisations.”
Josh Daspit Associate Professor & Dean Paul R. Gowens Excellence Professor in Business, Texas State University
“As more wealth passes directly to women, and women are increasingly engaged in the overall workforce, it would follow that more family firms will embrace gender diversity.”
Torri Hawley Director of Client Experience, Tamarind Learning
“Many families are moving away from the default assumption that the eldest male should be the leader and are assessing candidates based on their qualifications.”
Josh Baron Senior Lecturer, Harvard Business School
“I am increasingly seeing female leaders coming to the fore and what is especially exciting is seeing those female leaders working in historically male-dominated sectors.”
Beverley Mitchell Founder & Director, Beverley Mitchell Consulting
“Without resorting to leaning on stereotypical generalisations, different people will bring different personalities and qualities to the board no matter their gender identity. These differences will influence every aspect and decision made by the family business.”
Charlotte Tong Partner, Goodman Jones LLP
“Research suggests that women are increasingly taking on leadership roles in family businesses, across most sectors and many countries globally. This trend looks set to continue.”
Claire Seaman Emeritus Professor of Family Business, Queen Margaret University
“As demographic shifts unfold globally, the inevitability of witnessing a surge in women family business leaders looks set to become more pronounced. Failing to acknowledge and harness the potential of half the population would be a strategic oversight. Embracing women in leadership fosters a richer pool of skills, enhances decision-making and ensures a more comprehensive understanding of the diverse dynamics shaping the contemporary business environment. In essence, the future success and sustainability of family businesses hinges on recognising and harnessing the untapped potential that women leaders bring to the forefront.”
Nupur Pavan Bang Academic Director, Thomas Schmidheiny Centre for Family Business, Indian School of Business
“Seeing more women family business leaders has been a trend for several years and there is no reason why female participation rates in leadership positions should not increase. Many of the historical and cultural objections are falling by the wayside so now it is more of a matter of demographics.”
David Werdiger Managing Director, Nathanson Pearson Pty Ltd
"The trajectory for increased representation of women in family business leadership seems promising. With evolving perspectives on gender roles and growing recognition of diverse talents, it’s likely we will witness a rise in women family business leaders over the next few years.”
David Krajicek Founder, Family Business Hub Ltd
“It is evident that there is a growing trend towards greater inclusion of women in leadership roles across various industries, including within family businesses. Factors such as changing societal norms, increased access to education and opportunities, and a shift in traditional gender roles are contributing to this trend.”
“Moreover, many family businesses are recognising the value of diversity and the unique perspectives that women leaders bring to the table."
"As a result, there is a concerted effort to create more inclusive environments and to provide support for women to take on leadership positions within family businesses. Additionally, the next generation of family business leaders is often more open to diversity and inclusivity, which bodes well for the possibility of seeing more women in leadership roles in the coming years.”
Tsitsi Mutendi Co-Founder, Nhaka Legacy and African Family Firms
Find out more:
These results were part of the 2024 Global Family Business Think Tank Report that was published in Spring 2024. Check out the full findings in the report here
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